Public Sector Accounting Standards

Effective Dates for New Standards

This summary of recently issued Public Sector Accounting Board (PSAB) pronouncements has been prepared for information purposes only. Reference should be made to official CPA Canada Public Sector Accounting Handbook material for the text of final PSAB pronouncements.

Pronouncement Application
April 1, 2022:

Revenue, Section PS 3400

Fiscal years beginning on or after April 1, 2022. Earlier adoption is permitted.
April 1, 2021:
Financial Statement Presentation,
Section PS 1201
When Sections PS 2601 and PS 3450 are adopted.
Foreign Currency Translation,
Section PS 2601
Fiscal years beginning on or after April 1, 2021 except for government organizations that applied the CPA Canada Handbook – Accounting prior to adopting the CPA Canada Public Sector Accounting Handbook. Earlier adoption is permitted when adopting Sections PS 1201 and PS 3450.
Portfolio Investments, Section PS 3041
When Sections PS 1201, PS 2601 and PS 3450 are adopted.
Financial Instruments, Section PS 3450
Fiscal years beginning on or after April 1, 2021 except for government organizations that applied the CPA Canada Handbook – Accounting prior to adopting the CPA Canada Public Sector Accounting Handbook. Earlier adoption is permitted when adopting Sections PS 1201 and PS 2601.
Asset Retirement Obligations, Section PS 3280
Fiscal years beginning on or after April 1, 2021. Earlier adoption is permitted.
April 1, 2018:
Restructuring Transactions, Section PS 3430
Fiscal years beginning on or after April 1, 2018. Earlier adoption is permitted.